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Strategies & Market Trends : Strictly: Drilling II
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To: jrhana who wrote (19615)9/28/2002 2:44:53 PM
From: Louis V. Lambrecht  Read Replies (1) of 36161
 
Dow 2700, are you in the optimists camp? ROFL.
That's a S/R line starting at the high od 1929.
A retest of the last secular horizontal trading range has been observed before.
A retest of the highs of 1950-1970 could even bee considered as optimistic (bear rallies trend to overshoot as bull rallies do).I don't think we are going to that extreme though.
If we except 1932 the Dow has found some resutamce at the 17 years moving average (1/4th of the longwave cycle) which will be 6000-7000 when we reach it.

OTOH, there is such a fatalistic bearish complacency currently that I remember that same extreme sentiment in the years of the bubble.
Watch the tape, trade the tape, and don't try to guess the market's moves: watch them.
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